I'm an architect and my firm routinely specifies interior finishes for projects so I thought I'd contribute a professional's perspective on the issue of how many coats of paint are deemed "acceptable". The fact of the matter is the average consumer usually isn't a paint expert and can't be expected to know about all the factors that impact coverage. That knowledge is considered "means and methods" and in a court of law, the responsibility lies with the painter or general contractor, not the consumer. What the consumer should be concerned about is the final result-does it look good and is it what you expected? The simplest way to communicate this to your painter is to stipule in your written agreement that the number of coats will be "as required to cover". That way all the guess work about what kind of primer, how many coats, how color affects the scope of work, etc., is removed from the consumer's responsibility and resides where it belongs-with the professional. In the contract that's why retention is always a good idea-typically 10% is withheld from payment until the job is completed to the satisfaction of the customer. Of course in return you as the customer have to be reasonable about what constitutes a completed job. Just my $.02.
If your home was built before 1978, there is a good chance that lead paint was used in its construction. Scraping, sanding, or removing old paint can release toxic lead dust which can cause serious illness in children and pregnant women. Special handling is required when working with lead-based paints. If lead paint is present in your home, you will need to hire a lead-certified painting contractor or lead abatement contractor. Before getting started with your exterior painting project, consult your local building authority or visit www.epa.gov for more information.
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A number of factors help determine when you should paint your home’s exterior. These include your local climate and weather conditions, the age of your home, and the type of siding used. A high-quality finish in ideal conditions could last 10 years. But if your home takes a beating from the elements, you may need to repaint as often as every three years. Most homes can be on a 5-8 year interval. If you’re not sure if your house is due for a refresher, watch out for signs of deteriorating paint, such as fading and chipping.

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